July 14 – July 19 2019
Summer trading is usually slow but 370 pips this past week is still great. Considering you are not living in front of your computer day trading, these setups can supply enough pips for a healthy account size to make bank. Price in many currency pairs is not in favorable shape so we picked the best we could find for this week.
How did these setups do?
AUDJPY – Price just stayed in a range
AUDUSD – We saw price pull back from the highs but fail to make new lows which means the upside was still intact. Head to the four hour chart, after the pullback we see a higher low put in. That spells trade entry before breakout for 70 pips upside. I wrote about this before: use lower time frame patterns like breakouts and pullbacks to enter into the higher time frame pattern.
EURCAD – Price ranged
GBPUSD – Using our four hour chart (normal routine for daily chart setups), price has a double top. Entry is a sell stop as the range at the top broke lower. If you miss that, we have basing after the momentum down which is also a sell stop entry. 137 downside pips
NZDCAD – We were watching upside as per the posted chart. Price broke upwards and the closing at highs of the day forces you to the four hour chart entry. Pullback on the 16th is the entry and 100 pips to the upside
NZDCHF – Expecting more upside from the pattern on the daily chart. That is what we got. Price broke highs and small range with test of low of range on four hour. That is the entry. Not a lot of upside traction for potential 40 pips
NZDUSD – Watching price at resistance. The one down day is actually a pullback on the lower time frame. You can infer lower time frame price activity from the daily charts! 76 pips to the upside which was also confirmation of the breakout.